Bell FX Currency Outlook: The Australian Dollar is trading back below USD0.9400 this morning after a fairly subdued session overnight.

Australia: The AUD had pushed through USD0.9400 late in our session yesterday but drifted lower throughout the offshore session overnight.
It is currently trading around USD0.9370 and is expected to be pretty range bound. Today we have the release of the RBA minutes for November’s meeting. These Minutes will be less important than usual having already had the release of the bank’s quartely Statement on Monetary Policy last

Majors: The USD was lower against most of its major conterparts on Monday, weighed down by the view that the Federal Reserve is in no rush
to scale back its bond-buying program. Equity markets were contant with this view and it has pushed the Dow to a new high above 16,000 and the S&P Index over 1,800.
Speaking overnight were two Fed Presidents with opposite views, only one a current voter, New York President William Dudley who had the more dovish tone of the two.

Speaking about the Fed’s policy settings he noted thats it’s “important not to remove policy support, especially when the recovery is fragile and the tools available to monetary policy, should the economy falter, are limited given the short-term interest rates are at zero”.

However the most influential speaker this week is more than likley to Mr Bernanke who is scheduled to speak tomorrow night our time to the Economists Club in Washington. Offshore tonight we have the German ZEW survey which is expected to improve on both expectations and current conditions.

Economic Calendar
19 NOV AU RBA Policy Meeting- November Minutes
GE ZEW Survey Current Situation / Expectations
US Employment Cost Index

For latest pricing, ranges, visit